Sycamore Partners, a private equity firm, completed the acquisition of Ste. Michelle Wine Estates, a wine producer, from Altria Group, a tobacco company, for $1.2bn. “We believe the Transaction is an important step in Altria’s value creation for shareholders and allows our management team greater focus on the pursuit of our Vision to responsibly transition adult smokers to a non-combustible future. Ste. Michelle and its talented employees have built an outstanding portfolio of premium wine brands, and we wish them future success," Billy Gifford, Altria CEO.